Oil above $100 as Iran war disrupts supply: Will G7 tap emergency reserves?

As the Middle East war continues to cast a shadow over energy supplies, G-7 nations are considering to jointly release strategic oil reserves. According to a report by Financial Times, finance ministers of the Group of Seven are set to discuss a potential joint release of strategic emergency reserves, on Monday, in a bid to calm surging crude prices.

The ministers will be holding a call at 8:30 am New York time, and any decision taken will be in coordination with the International Energy Agency, according to sources familiar with the matter.